Anticipation for the release of Shibarium has officially reached its peak with CoinMarketCap marking 1.3 million wallets holding SHIB. The token has seen a gradual increase since the beginning of the month, with Shiba Inu starting February with 1.2 million wallets.
Today, the number has increased by 14 thousand more wallets, which shows a strong anticipation for the network upgrade. With Shytoshi Kusama being cryptic about the upgrade’s release, the hype around Shibarium is reaching a peak never before seen in the Shiba Inu.
Large Amount of Whale Transactions
The hype around the upgrade didn’t just affect retail investor sentiment. Whales have also entered the scene. According to CoinMarketCap, the top 10 token holders own around 60% of SHIB’s total supply.
Hygiene details it also shows that the token is showing a large number of whale trades recently, which can lead to massive price movement in the long term.
🐳 Three of the most polarizing elements in #crypto, #Cardano, #ShibaInuand #Mesmerize, see large spikes in large whale trades. When $100,000+ transactions increase on a network, it is historically associated with upcoming price changes. Watch closely. 👀 https://t.co/KG0mTWH11y pic.twitter.com/PHI9NOaxbn
— Santiment (@santimentfeed) February 5, 2023
Shibarium’s effect on emotion cannot be understated. On Twitter, analysts they are bullish with some targets set at $0.1. This forecast represents a price increase of over 9,000%.
However, the bear market of 2022 marked investors’ gains, place 54% of SHIB out of the money, meaning these holdings face losses. But with SHIB facing upsides, SHIB’s long-term outlook, especially with Shibarium, is very positive.
You will keep $SHIB past $0.1; 👀
No Yes Yes
👇 👇 👇
— SHIBA INU (@ShibInfo) February 7, 2023
What does the future hold for SHIB?
SHIB is currently in an uptrend with CoinGecko posting a nearly 12% gain on the weekly time frame. At the current price of $0.00001335, the token has turned its September 2022 resistance into support.
Right now, investors and traders can be comfortable on the support consolidation above $0.00001330. With the release of Shibarium just around the corner, SHIB’s long-term outlook is bullish with a chance of breaking the $0.00001500 resistance, which may continue the token’s upward momentum.
However, with whale activity so high right now, launching the Shibarium may present some challenges. Investors and traders should also keep an eye on SHIB’s correlation with major cryptocurrencies as these will also dictate the token’s movements in the coming days or weeks.
SHIB total market cap at $7.3 billion on the daily chart | Chart: TradingView.com
Meanwhile, as other major currencies show a slowdown in sentiment, SHIB’s momentum may also be affected.
For now, SHIB bulls should consolidate above the token’s support level as this will be a starting step for the token to break above $0.00001576 and, momentum permitting, both $0.00001797 $.
-Featured image by Vcgamers